Cryptocurrency

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/russia-implements-tax-regulations-on-cryptocurrency-earnings/" data-wpel-link="internal">Russia Implements Tax Regulations on Cryptocurrency Earnings</a> 
Russia is developing new regulations to tax <a href="https://en.coin-turk.com/politics-and-finance-intersect-in-cryptocurrency/" data-wpel-link="internal">cryptocurrency</a> revenues. According to a draft regulation prepared by the Ministry of Finance, cryptocurrency earnings will be taxed at a rate of 15%. This regulation encompasses both <a href="https://en.coin-turk.com/bit-digital-reports-significant-revenue-growth-in-2023/" data-wpel-link="internal">cryptocurrency mining</a> and trading, as reported by the Russian news agency Interfax. 
<h2 style="text-align: justify" id="strong-classification-of-cryptocurrencies-as-property-strong">Classification of Cryptocurrencies as Property</h2> 
The draft regulation classifies cryptocurrencies as “property” for taxation purposes. This means that income from mining will be taxed based on market value. However, mining expenses can be deducted from this income, so only net profits will be taxed. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-408023" src="https://coin-turk.com/wp-content/uploads/2024/11/Rusya-Kripto-Para.jpg" alt="" width="1280" height="720"> 
Additionally, cryptocurrency transactions will be exempt from value-added tax. Profits gained from cryptocurrency trading will be taxed similarly to capital gains. The personal income tax rate will be limited to 15%. 
<h2 style="text-align: justify" id="strong-new-limits-and-reporting-requirements-in-mining-strong">New Limits and Reporting Requirements in Mining</h2> 
Russia is imposing further restrictions related to mining. Last month, the Federal Tax Service proposed taxing unrealized gains of miners. Moreover, individual miners will have a monthly electricity consumption limit set at 6,000 kilowatt-hours. 
Initially introduced in 2020, the bill passed its first vote in 2021. The new amendments are aimed at regulating the <a href="https://en.coin-turk.com/experts-predict-bitcoins-future-movements-2/" data-wpel-link="internal">cryptocurrency market</a> and increasing state revenues. 
Experts believe these measures reflect Russia’s efforts to exert greater control over the cryptocurrency market. Cryptocurrency investors in the country are closely monitoring the implementation process and are curious about the final form of the regulations. 
The post <a href="https://en.coin-turk.com/russia-implements-tax-regulations-on-cryptocurrency-earnings/" data-wpel-link="internal">Russia Implements Tax Regulations on Cryptocurrency Earnings</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Russia Implements Tax Regulations on Cryptocurrency Earnings

Table of Contents

COINTURK NEWS

Other articles published on Nov 19, 2024

io.net and Zero1 Labs Partner to Accelerate Decentralized AI Development

Memoria, The Decentralized Platform Uniting Gaming and Memes, Announces Project Launch

OpenSea Unveils Major Upgrade to NFT Marketplace, Set to Launch in December

Nasdaq Takes Major Step by Launching Options Trading for Bitcoin ETF

Bitcoin Nears $100K : What’s Next For The Crypto Giant ?

Top Analyst Makes Bold Dogecoin (DOGE) Price Prediction, But There’s a Catch

Join our free newsletter for daily crypto updates!